USD/JPY: remains offered below the 200 day ma - Commerzbank

Karen Jones, Analyst at Commerbank maintains a near-term neutral to negative bias for the USD/JPY pair and expects any meaningful bounce to be capped by the 114.38/82 major resistance.

Key quotes:

“USD/JPY saw a minor bounce higher last week, that remained capped by the 200 day ma and the market remains under pressure. Attention is on the 61.8% retracement at 110.15. Failure here targets the 108.90 Fibonacci retracement and allows for a move to the 107.45 2012-2018 uptrend.”

“Initial resistance lies at 111.76/112.05 (200 day ma). Above here lies the 113.64/75 December highs. There is a lot of resistance directly overhead – namely the 113.92 2015-2018 downtrend line. Above here sits the 114.38/82 major resistance, we continue to favour failure.”